Erstellt von Jesse McNab
vor mehr als 6 Jahre
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Frage | Antworten |
Ceteris paribus | other things being equal |
Positive statement | can be proved and tested |
Normative statement | value judgements - subjective |
Scarcity | resources are finite, wants are infinite |
Factors of production | Land, Labour, Capital, Enterprise |
Renewable resources | stock levels can be maintained at a certain level |
Non-Renewable resources | those which will eventually be completely depleted |
Opportunity cost | something that is forgone |
Production Possibility Frontier (PPF) | illustrates the maximum potential output of an economy when all resources are fully employed |
Marginal analysis | consideration of the impact small changes make on the current situation |
Economic Growth | increase in the productive capacity of the economy indicating a decrease in real output |
Economic Decline | decrease in the productive capacity of the economy indicating a decrease in real output. |
Division of Labour | when work is split up into small tasks |
Free Market Economy | refers to all the buyers and sellers of a product or service who determine its price |
Command Economy | resources are allocated by the state |
Mixed Market Economy | a free market economy and a command economy |
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